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Japan's Mitsui/Burma -2: 1st To Receive Japan Govt Insurance
TOKYO (AP-Dow Jones)--Mitsui & Co. announced Thursday it has signed a joint
venture agreement with the government of Burma to develop the country's first
full-scale industrial park.
The major Japanese trading house said in a release it will be the first to
receive the official investment insurance scheme which the Japanese government
recently resumed for the Southeast Asian country, which is run by a military
junta.
Mitsui said the $20-million project will involve the development of a
90-hectare area near the capital city Rangoon for foreign investors. Mitsui and
Burma's Deparment of Human Settlement & Housing Development will set up a joint
venture called Mingaladon Industrial Park Co. with capitalization of $20
million for the project.
Mitsui, which will have a 60% stake in the venture, said the sale of lots to
foreign companies is scheduled to start in April at prices of $50-60 per square
meter. The construction of infrastructure facilities such as electricity,
industrial water, a clinic and restaurants will be finished in two years,
Mitsui said.
On the Tokyo Stock Exchange, Mitsui shares closed Thursday's trading up 18
yen at 946.
(END) AP-DOW JONES NEWS 08-02-96
1046GMT